CONSOLIDATED VALUE-ADDED TAX …

CONSOLIDATED VALUE-ADDED TAX regulations OF 2005 (RR 14-2005, as superseded by RR 16-2005) VAT is a tax on consumption levied on the sale, barter, exchange or lease of goods or properties and services in the Philippines and on importation of goods in the Philippines. The seller is the one statutorily liable for the payment of the tax but the amount of the tax may be shifted or passed on to the buyer, transferee or lessee of the goods, properties or services. VAT Rates are retained at 10% & 0% January 1, 2006 to increase to 12% & 0% If any of the following conditions has been satisfied: VAT collection as a percentage of Gross domestic Product (GDP) of the previous year exceeds two and four fifth percent (2 4/5% or ); or National government deficit as a percentage of GDP of the previous year exceeded one and half percent (1 % or ). VAT TRANSACTIONS a. VAT Transactions - any person who, in the course of his trade or business NEW LAW Liable to register for VAT if; GS/GR for the past 12 months have exceeded P1,500, There are reasonable grounds to believe that his GS/GR for the next 12 months will exceed P1,500, Sale of Goods or Properties VAT is imposed and collected on every sale, barter or exchange, or transactions deemed sale of taxable goods or properties at the rate per 10% of the gross selling price or gross value in money.

CONSOLIDATED VALUE-ADDED TAX REGULATIONS OF 2005 (RR 14-2005, as superseded by RR 16-2005) VAT – is a tax on consumption levied on the sale, barter, exchange or lease of goods or properties and

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